Power to pay certain commissions and prohibition of payment of all other commissions, discounts, etc.

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....p;    (1) A company may pay a commission to any person in consideration of__      (a) his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares in, or debentures of, the company, or      (b) his procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in, or debe....

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....ed in the prospectus, and      *in the case of shares or debentures not offered to the public for subscription, disclosed in the statement in lieu of prospectus, or in a statement in the prescribed form[1] signed in like manner as a statement in lieu of prospectus and filed before the payment of the commission with the Registrar and, where a circular or notice, not being a pro....

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....f___      (a) his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares in, or debentures of, the company, or      (b) his procuring or agreeing to procure subscriptions, whether absolute or conditional for any shares in, or debentures of, the company, whether the shares, debentures or money be so allotted or applied by ....

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....at no commission shall be paid under clause (a) of sub-section (1) to any person on shares or debentures which are not offered to the public for subscription: Provided that where a person has subscribed or agreed to subscribe under clause (a) of sub-section (1) for any shares in, or debentures of, the company and before the issue of the prospectus or statement in lieu thereof any other person or ....